Don’t lecture Kentuckians
February 8, 2010 | Kentucky, industry | Comments (0)CFSA’s Board Chair D. Lynn DeVault has an oped in the Louisville Courier Journal:
The national Center for Responsible Lending (CRL) has been labeled a “Predatory Charity” by the Consumer Rights League because it is a front for financial institutions that compete with payday lenders but themselves prosecute low-income customers who can’t repay high-interest loans. CRL was founded with funding from Marion and Herb Sandler, pioneers of the use of adjustable rate mortgages which contributed to our nation’s financial collapse. The Sandlers made a $3 billion profit by selling their company to Wachovia shortly before the credit market crashed under the weight of their toxic home mortgages.
Kentuckians don’t need a lecture on financial reform from a coalition with a record like this.
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